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Bengal Energy Ltd. Announces $5.0 Million Brokered Private Placement

/NOT FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, March 27, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (the "Company") is pleased to announce its intention to complete a
brokered private placement of common shares ("Common Shares") pursuant
to which the Company will raise up to C$5,000,000 (the "Offering") at a
price to be determined in the context of the market. The Offering is
being conducted on a "commercially reasonable best efforts" basis
through a syndicate of agents to be led by Toll Cross Securities Inc.
and National Bank Financial Inc. (together, the "Agents"). The Agents
will also have the option to increase the maximum size of the Offering
by an additional 15% at any time up to 24 hours prior to the closing
date. The Company has agreed to pay the Agents a cash commission equal
to 6.0% of the gross proceeds of the Offering excluding up to
$1,000,000 of president's list orders.

The net proceeds of the Offering will be used for continued exploration
and development of the Company's oil and gas properties and for general
working capital purposes.

The Offering is scheduled to close on or about April 12, 2013 and is
subject to certain conditions including, but not limited to, completion
of satisfactory due diligence investigations by the Agents and the
receipt of all necessary regulatory approvals, including the approval
of the Toronto Stock Exchange. The Common Shares to be issued in
connection with the Offering will be subject to a four-month hold
period.

This release does not constitute an offer for sale of securities in the
United States. These securities being offered have not been, and will
not be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") and may not be offered or sold in
the United States absent registration under the U.S. Securities Act or
an applicable exemption from that U.S. registration requirements.

This news release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements"), including statements regarding the expected closing date
of the Offering, the amount and use of proceeds and the satisfaction of
conditions to closing the Offering. These forward-looking statements
are based on certain key expectations and assumptions, including
assumptions regarding the timing of receiving required approvals, the
use of proceeds, the closing of the Offering and the general economic
conditions in Canada, Australia, India and globally and operations of
the Company. These factors and assumptions are based upon currently
available information and the forward-looking statements contained
herein speak only as of the date hereof. Although the Company believes
the expectations and assumptions reflected in the forward-looking
statements are reasonable, as of the date hereof, undue reliance should
not be placed on the forward-looking statements as Bengal can give no
assurances that they will prove correct and because forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that could influence actual results or events and cause
actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking statements. These risks
include, but are not limited to: uncertainties and other factors that
are beyond the control of the Company; global economic conditions;
risks associated with the oil and gas industry; commodity prices and
exchange rate changes; operational risks associated with exploration,
development and production operations; delays or changes in plans;
specific risks associated with the ability to execute production
sharing contracts, ability to meet work commitments, ability to meet
the capital expenditures, estimated size of any seismic features and
whether additional geosciences work will progress to defining drillable
locations; results of exploration and development activities and work
plans; and risk associated with stock market volatility and the
marketability of the Offering. The Company assumes no obligation to
update any forward-looking statements or to update the reasons why
actual results could differ from those reflected in the forward-looking
statements, except as required by securities laws. The foregoing lists
of factors and assumptions are not exhaustive, additional information
identifying assumptions, risks and uncertainties is contained in
filings of the Company with Canadian securities regulators, which are
available under the Company's profile at www.sedar.com.